Rising mortgage interest rates gently tapped the brakes on Louisville's real estate market in May. Rates on 30-year fixed mortgages were up nearly 0.75% since year-end, putting a crimp in home buyer purchasing power. Starter and move-up homes sold very rapidly, while higher-end homes moved more slowly. However, home inventory and mortgage rates both remain historically low, making this an excellent time to list your house, and an even better time to trade-up.
The Greater Louisville
Association of Realtors President remarked that, "Multiple offers for homes under $250,000 are still common, and move-in ready homes continue to sell within the first 1-2 weeks. It's a great market for move-up buyers, who can sell their existing homes quickly and have a decent amount of larger homes to choose from.
area home inventory increased slightly in May to 3,750 active listings or a 2.5 month supply of homes. The number of homes sold was down 9% vs prior year and the average sale price of $217,000 was up 2%. Homes sold fast on limited supply, with the average property selling in just over 50 days.